Lu Lei: The "Action Plan" implemented from January 1, 2026, clearly states that the balance of digital RMB wallets can earn interest

According to the Financial Times, Lu Lei, Deputy Governor of the People's Bank of China, stated that within the "dual-layered framework," the "Action Plan for Further Strengthening the Management and Service System of Digital Renminbi and Related Financial Infrastructure Construction" specifies that banking institutions will pay interest on the balances of customers' real-name digital renminbi wallets, adhering to the self-discipline agreement on deposit interest rate pricing. This arrangement is based on the principle that substance prevails over form, and a compatible incentive arrangement has been initially formed.

As a result, banks can independently conduct asset and liability management for digital renminbi wallet balances, with deposit insurance providing legal security equivalent to that of deposits. For non-bank payment institutions, the digital renminbi margin is no different from the customer reserve funds of non-bank payment institutions. Previously, it was reported that the People's Bank of China would issue the "Action Plan for Further Strengthening the Management and Service System of Digital Renminbi and Related Financial Infrastructure Construction," with the new generation of digital renminbi measurement framework, management system, operational mechanism, and ecological system set to officially launch on January 1, 2026.